kuku fm: Kuku FM raises $21.8 million in funding led by Nandan Nilekani’s Fundamentum
Kuku FM is Fundamentum’s first funding from the lately launched $227-million second fund. ET had reported final month that the brand new fund was primarily sourced from native entrepreneurs and their private funding workplaces.
Other than Fundamentum, Paramark Ventures has joined as a brand new investor on this spherical and present buyers, together with Krafton Inc–the South Korean gaming large, 3one4 Capital and Vertex Ventures, have additionally participated in it.
That is Kuku FM’s second fundraising in 2022, after it picked up
$19.5 million in March led by Krafton Inc., together with Google, Verlinvest, and different buyers.
Kuku FM stated it would deploy the funds to broaden its catalogue, strengthen its content material creation ecosystem, and provide extra language selections to listeners because it goals to realize over 10 million paid subscribers base by finish of subsequent yr.
Lal Chand Bisu, cofounder and CEO, Kuku FM, stated its development has demonstrated the Indian viewers’s urge for food for premium, distinctive, and immersive digital audio experiences. “We’ve got seen quickly rising curiosity for content material in regional languages in tier II and III cities, semi-urban and rural segments. We goal to proceed constructing a robust and various creator community that caters to this phase of the Bharat viewers,” Bisu added.
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Vikas Goyal and Vinod Kumar Meena are the opposite founders on the agency which was arrange in 2018.
In a press release, the corporate stated it hosts over 1,50,000 hours of content material in varied codecs, together with audiobooks, tales, e book summaries, programs, and podcasts with a majority of the content material being unique to the platform.
“In its four-year journey, Kuku FM has constructed a enterprise with strong fundamentals, a robust monetisation mannequin, and a nationwide creator-listener neighborhood. Kuku FM’s digital-first, tech-led strategy, with its deal with the ‘Bharat’ viewers matches ideally into our funding focus,” stated Prateek Jain, principal at Fundamentum Partnership.